by Home Nation • Published November 7th, 2024
Investing in new mobile homes is an exciting and profitable venture, especially with the growing demand for affordable housing. This guide will walk you through essential strategies to make your investment successful. Whether you’re a first-time investor or a seasoned pro, these insights will help you maximize your returns.
Below are the key takeaways for investing in a new mobile home. Read further down for more details!
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Know the estimated value of a new mobile home listing.
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Compare “For Sale” and “Recently Sold” listings for a quick and dirty guess.
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Hire an appraiser for a more confident price on your project.
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Know the total budget for the land, home, sitework, and installation.
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Make sure your property is zoned for a mobile home. Once you find the property, buy it before someone else does!
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Find a home that fits your property, budget, and market.
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Get a real budget by getting quotes from contractors who will do the work to prepare your property and install your home.
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Order your home at the right time to save time.
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You can take care of all the necessary sitework upgrades needed on your property while your home is being built.
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As you get better, you’ll be able to move quicker because you’ll know what to expect.
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Know the length of time homes are listed before being sold in your specific market.
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You know your investment's value, don’t bite on any under value offers!
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Realize the return on your investment.
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Payday is great, but the real return on your investment is the experience you've gained! With this experience, you can invest again and again!
Looking to invest in mobile homes? Visit HomeNation.com for available opportunities!
Know the Estimated Value of a New Mobile Home Listing
Comparing "For Sale" and "Recently Sold" listings is essential for understanding the potential value of a new mobile home investment. Speaking with a real estate agent can provide additional insights into the area's investment viability.
For those who want to be extra confident, consider hiring an appraiser. Spending a few hundred dollars for a professional appraisal can offer a more accurate picture of your investment’s end value. Make sure you know the property details, the type of home you’re considering, and the required property improvements so the appraiser can give you a precise assessment.
Budget for Land, Home, Sitework, and Installation
Alt text: Land to build on
The right property is critical. First, ensure it’s zoned for a mobile home. Contact your local zoning department to understand the regulations, such as setbacks, home size requirements, and any possible easements or wetland issues.
If needed, hire a surveyor to conduct a boundary survey. They can also help determine what size home fits your property and assist in creating a plot plan that maps out where your home, utilities, septic system, and driveway will be located.
When you find the ideal property, act fast. Competition is fierce among mobile home investors, and prime properties don’t stay on the market for long.
Related Blog: How To Start With Mobile Home Investing
Find a Home That Fits Your Market and Budget
Once you have the land, the next step is selecting a home that suits your property, budget, and market demands. Whether it’s a modest single-wide or a spacious double-wide, your choice should align with local market expectations. Avoid placing a large double-wide in an area of smaller single-wides or vice versa; mismatched homes can be hard to sell.
After choosing your home, start gathering quotes for site preparation and installation. Here’s what you may need to consider:
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Permitting
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Land clearing
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Foundation work
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Electrical, plumbing, and AC installation
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Skirting, steps, and driveway construction
In many cases, your installer can handle most aspects except for utility connections. Depending on your property, some of these elements may already be in place, saving you time and money.
Timing Your Home Purchase and Preparation
Proper timing can significantly impact the efficiency and profitability of your mobile home investment. Planning each stage carefully will ensure that your project stays on track and minimizes unnecessary delays. This phase involves careful coordination between ordering your home and preparing the property.
Order Your Home Strategically
Once you’ve spoken with contractors and have an understanding of the project timeline, it’s crucial to order your home at the right moment. Coordinating your home order with sitework progress is key to maximizing efficiency. Often, it’s best to place your order before starting any major property improvements.
With a well-planned schedule, your home should be ready just as your permits are approved, the land is cleared, and the foundation is laid. While your home is being built, you can simultaneously complete necessary upgrades like site preparation, saving you both time and money.
Related Blog:Guide To Flipping Mobile Homes For Profit
Be Patient and Confident in Your Property's Value
After completing your hard work, don’t rush to accept the first offer you receive. By now, you should be well aware of your property’s value. Understanding how long similar homes are listed before being sold will give you the confidence to wait for the right offer, ensuring your efforts pay off.
Realize the Return on Your Investment
Payday is the financial reward for your work, but the real return is the experience gained. Each investment you complete builds your confidence and expertise, making future projects smoother and more efficient.
New mobile home investing can be a profitable venture if done strategically. By understanding market trends, budgeting correctly, and timing your project well, you set yourself up for success.
Ready to invest smarter? Discover how HomeNation can support your journey at HomeNation.com.
